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Getting Started with a Home Studio

Hello, all. I've decided that I want to try my hand at building a home studio and I was wondering if you all could help me with the basics. The music I plan to create consists mainly of hip hop influences and will be composed of a mixture of samples and live instrumentation. Some of what I plan to buy at the moment includes:

Regular situation... Starting out.

I was thinking to start to record people for free. So that I can acquire more skills, and no one will be pissed at each other. I am not that new to the whole process. So I was thinking of giving of 2 hours of recording for free, and if they like it they can pay me as much as they want. I really don't know what is the best strategy in my situation.

Help build a project recording studio

Hello, Im building a home project studio for random uses, lemme give you the low down of my situation. Im currently 15, highschool student. I work during the summer at school as IT work, and do freelance web design and PHP programming. My budget is limited and so is my time. Heres what I've got to work with so far: